Ahead of the December 7 meeting of the Organization of Petroleum Exporting Countries (OPEC) meeting in Vienna Austria, the members were united on bringing back stability to the oil market, said the Minister of Petroleum, Industry and Minerals Resources, Kingdom of Saudi Arabia, Engr. Khalid Al-Falih on Wednesday.
Speaking in a meeting with his Nigerian counterpart, the Minister of State for Petroleum Resources, Dr. Emmmanuel Ibe Kachiwkwu in Abuja, the visiting minister said that he was in Iraq, Avogabe, Libya and also discussed with some other ministers, who were all longing to return stability to the oil market.
He, however, noted that the way and manner of realizing the much needed stability was what they were yet to discuss, stressing that the December 7 meeting would determine that.
His words: “I have been to Avogabe, I have been to Iraq, have been in Nigeria today. I have also met with the Libyan National oil company head to have a delegation. I have received calls from a number of ministers. And everybody is longing for everything that brings stability back. What that decision will be I cannot say. But the decision is going to be made on December 7.”
He added that it would be premature what the decision would be since taken at the meeting as there was yet no clarity and the barrel to market was not helpful in the last three weeks.
He was confident that the 25 countries would want to agree and the technical committee would meet to receive the analysis from the organization’s technical advisers.
Collaborating his position, Kachiwkwu said that OPEC members were already speaking with one voice in order to bring back oil stability. According to him, the organization accounts for not more than 35% of global oil output, although the world looks up to OPEC whenever there is volatility.
He said ultimately every oil producer would like to have an interest in contributing to the stabilization of the oil market.
Kachikwu noted that his colleague from Saudi Arabia had driven the confidence that all oil producers needed to work together. He added that on his own, he had brought the African producers to support whatever direction OPEC would take.
He said that “ultimately, the work we are doing in OPEC bloc is that we are bringing countries other than OPEC to see how their contributions can be helpful in the control and stabilization of the market that we will continue to be relevant.”
He explained that the visit of the Saudi Arabian’s minister was not focused on refining of petroleum, adding that refining was only a side conversation that they had.
Kachikwu revealed that the meeting was simply on what they would do at the upcoming OPEC meeting.
The minister however noted that the two countries shared their refining experiences in order to appreciate how his guest’s country accomplished its present feat in refinery.
He submitted that “no formal thing has been agreed yet but willingness to cooperate with one another. These are usually very strong business decisions. And at the appropriate time we will nose dive into the details of that.”
Engr. Khalid Al-Falih, said “I have invited his excellency to kindly come and see first-hand the manufacturing complexes and at the same time see our team, and how the investment opportunity can be brought to bear in Nigeria.”
According to him, the country’s company is the largest as the upstream company and has seen Africa as a very vital market to invest in, and “there is no better place to start than Nigeria.”
He said that the country was looking forward to investing in gas to power, especially in Africa.
The Saudi Arabian minister said that “in terms of bilateral energy relationship, I will say that there are too many areas in which Saudi Arabia has become successful to a large degree, attaining a deficit in a few projects by becoming a major export by building a number of large refineries, world-scale refineries through a joint venture investments and funding and skills from foreign direct investments. There is technical success. There is finances success for Saudi Arabia becoming a major exporter of value-added crude products and petrol chemicals.”
He noted that during his next visit to Nigeria, he would explore the opportunities in refining, petrochemicals and gas to power to bring development and opportunities to Nigeria and Africa.
Kachikwu said that from Europe to Latin America everyone investing in Africa promised funding or technology, challenging Saudi Arabia to take a clue from China that was already making wave around the world.
He however explained that the investment that Saudi Arabia was promising to explore in Nigeria was not a gift.
